SEC

A steep decline in school district reserves drove a two-notch downgrade and has drawn a subpoena from the Securities and Exchange Commission.

The SEC chairman’s comments are consistent with his record, which has included repeated calls for the MSRB to take steps to be sure investors are aware that issuer financials filed to EMMA can often be many months old.

The proposal would impact the private placement business and may require amendments of MSRB rules.

Kenneth E. Bentsen Jr., the securities industry trade group's CEO, warned against a proposal to exempt some muni advisors from registering as broker-dealers.

In 2012 John Cross became the first person to head the independent Office of Municipal Securities at the U.S. Securities and Exchange Commission.

Securities and Exchange Commission Chair Jay Clayton seemed noncommittal on a proposed exemptive order for municipal advisors.

Though enforcement cases slightly decreased this past year, lawyers say the Securities and Exchange Commission is just as aggressive as ever.

“The channel doesn’t matter in terms of responsibility for the information,” said SEC Chairman Jay Clayton.

If the proposal is approved, the timing of issuers' annual financial disclosures would be prominently displayed as soon as the beginning of 2020.

The changes will slim down underwriters' disclosures to issuers, which many believed had become too lengthy and wordy to be useful.

Data on default rates shows that while there has been improvement in consistency between corporate and muni ratings, there is still work to be done.

The SEC brought four civil lawsuits and 10 stand-alone administrative proceedings, according to its annual report released Wednesday.

At an SEC Fixed Income Market Structure Committee meeting on Monday, participants suggested giving out awards to incentivize issuers to submit timely financial information.

As the House of Representatives votes to approve next steps in President Donald Trump's impeachment inquiry, the muni market considers the possible impact.

The committee's discussion will begin with a municipal issuers’ structured disclosures discussion, featuring issuers, regulators, and others.

Dealer groups believe that some sections of the proposed amended guidance such as complex financing and disclosure standards would add complexity to the rule.

Baker McKenzie created a new group to integrate regulation and enforcement in a move to align with the Securities and Exchange Commission's practices.

The Municipal Securities Rulemaking Board plans a review after pressure from Sens. John Kennedy and Elizabeth Warren to change the makeup of its membership.

In the SEC inquiry, along with a separate FAA investigation, regulators are trying to determine if airport revenues were misspent.

Municipal market participants got some comfort about their fraud liability if they act in good faith on interim financial disclosures.